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  • Cryptocurrency

    Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback

    The nominee to head the Ministry of Finance and Economy expressed his intention on Sunday to implement the cryptocurrency tax next January as scheduled, despite pushback from both industry players and opposition lawmakers. In written materials submitted to the National Assembly ahead of a confirmation hearing slated for Tuesday, Lee Hyoung-il, who currently serves as first vice finance minister, noted that specific tax rules would be finalized through a National Tax Service public notice by year-end, ensuring taxpayers face no confusion when filing. He also defended classifying crypto asset income as miscellaneous income under the current tax framework, calling it an “appropriate” approach to applying taxpayer-friendly measures, such as a basic deduction and a single tax rate. “Given that stock trades involving major shareholders, foreign equities and unlisted shares, along with transaction taxes, are already subject to taxation, extending tax rules to crypto assets is essential for tax fairness,” he said. The crypto tax regime treats profits from transferring or lending digital

    3 MIN READBy Jun Ji-hye
    Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback
  • Economy

    Korean construction stocks rise on nearing US investment deal

    2 MIN READBy Park Han-sol
    Korean construction stocks rise on nearing US investment deal
  • Economy

    More young Koreans look to stocks, bonds as retirement nest egg

    3 MIN READBy Park Han-sol
    More young Koreans look to stocks, bonds as retirement nest egg
  • Economy

    Foreign investors turn net sellers of Korean bonds in Aug.

    1 MIN READBy Yonhap
    Foreign investors turn net sellers of Korean bonds in Aug.
  • Economy

    KOSPI falls on higher oil prices, global bond yields

    2 MIN READBy Lee Hyo-jin
    KOSPI falls on higher oil prices, global bond yields
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Policy

Prolonged Iran crisis could drag Korea's growth rate toward 0%: report

The ongoing U.S.-Israel war against Iran could push Korea's economic growth rate toward zero percent if the conflict drags on for a year, a report showed Tuesday, underscoring the risks facing Asia's fourth-largest economy stemming from the Middle East crisis. According to a report by NH Financial Research Institute, if the Iran conflict persists, Korea could face rising inflation alongside contracting exports and consumption, raising the risk of stagflation. The report estimated that Korea's gross domestic product (GDP) growth this year would decline by about 0.3 percentage points if the war lasts three months, and that it could fall to the zero percent range if the conflict continues for a year. The forecast casts a shadow over the government's target of about 2 percent GDP growth for 2026, up from an estimated 1 percent in 2025. "Under a scenario of a prolonged conflict, mounting inflationary pressures and their side effects could shift the Bank of Korea's policy focus from cushioning the economic slowdown to curbing inflation, potentially leading to interest rate hikes and a prolonge

Mar 17, 2026By Lee Hyo-jin
Prolonged Iran crisis could drag Korea's growth rate toward 0%: report
Economy

Korean currency rebounds from 17-year low amid drop in oil prices

The Korean currency gained against the U.S. dollar Tuesday, rebounding from a 17-year low in the previous session, supported by a decline in global oil prices. The won was quoted at 1,493.6 won per dollar, up 3.9 won from the previous session's 1,497.5 won, ending a three-day losing session. Monday's figure marked the weakest level since March 10, 2009, during the global financial crisis. It briefly touched the psychological and technical 1,500 won mark for the first time during regular trading hours in 17 years. The rebound came as global oil prices fell Monday (U.S. time) as U.S. President Donald Trump renewed calls on allies to join efforts to keep the Strait of Hormuz open to ease supply disruptions. There were also reports of non-Iranian oil tankers passing through the strategic waterway, including a Pakistani-flagged vessel. The Strait of Hormuz has been effectively shut since the start of the U.S.-Israeli strikes on Iran earlier this month. Korea's foreign exchange and stock markets have shown heightened volatility amid rising tensions in the Middle East. The benchmark Korea Composit

Mar 17, 2026By Yonhap
Korean currency rebounds from 17-year low amid drop in oil prices
Cryptocurrency

InterviewUnlocking utility for world's biggest meme coin

HONG KONG — Macroeconomic headwinds are weighing on cryptocurrency prices, while rising institutional participation has tempered volatility and cooled speculation. As a result, a growing share of digital assets now sits idle on centralized exchanges. Dogecoin — the poster child of the global meme coin market — is no exception. Roughly $23 billion worth of the token currently sits on exchanges worldwide, largely unmoved. Even without a clear incentive, the coin featuring the iconic sideways-glancing Shiba Inu dog has garnered widespread attention thanks to its roots in internet meme culture and the enthusiasm of its online community, including Tesla CEO Elon Musk. According to CoinMarketCap, its market capitalization stood at $14.11 billion as of Thursday. Jordan Jefferson, founder and CEO of DogeOS, said dogecoin’s true value lies in its strong community, but he finds it problematic that users have not been benefiting from the billions of dollars in dogecoin trading volume. "Dogecoin is so big as a cryptocurrency, and it has such a passionate group of people using it and believin

Mar 17, 2026By Lee Yeon-woo
Unlocking utility for world's biggest meme coin
Cryptocurrency

Bithumb fined $24.8 mil., faces 6-month biz suspension over anti-money laundering lapses

The country's anti-money laundering agency said Monday that it has decided to fine Bithumb, one of Korea's crypto exchanges, some 37 billion won ($24.8 million) and impose a six-month partial business suspension over lapses in customer verification obligations and transactions with unregistered partners. The Financial Intelligence Unit (FIU), under the Financial Services Commission said Bithumb did not comply with its obligations to verify the identities of users in about 6.59 million cases. The crypto exchange is also found to have supported some 45,000 transactions with 18 unregistered exchanges overseas. The FIU said Bithumb's chief executive officer will receive an official reprimand. The FIU will give Bithumb 10 days to submit its opinion before finalizing the fine. Cryptocurrency exchanges here are obligated to verify customer identities through real-name accounts linked to domestic banking partners, and should report transactions exceeding a specific amount.

Mar 16, 2026By Yonhap
Bithumb fined $24.8 mil., faces 6-month biz suspension over anti-money laundering lapses
Others

AI megadeals to drive M&A market in 2026: report

Artificial intelligence (AI)-driven megadeals will dominate the mergers and acquisitions (M&A) market this year as companies race to secure technologies critical to the emerging AI value chain, according to a report released Monday by Samil PwC. The value of global M&A deals surged 36 percent in 2025 to $3.52 trillion. Mega-transactions worth more than $5 billion were a major driver of the surge, climbing 76 percent year-on-year to 111 transactions, Korea’s largest accounting firm by revenue said in its report, titled “M&A Industry Trends: 2026 Outlook.” The growing influence of AI is reshaping deal-making: Roughly one-third of the 100 largest global M&A transactions announced last year cited AI as a key factor in strategic decision-making. In Korea, deal activity did not match the global rebound but still showed growth. The total value of domestic M&A transactions rose 25 percent year-on-year to 110.9 trillion won ($74 billion), buoyed by several large deals. Samil PwC identified the AI investment supercycle and K-shaped recovery as the defining themes for this year’s M&A market

Mar 16, 2026By Park Han-sol
AI megadeals to drive M&A market in 2026: report
Economy

Seoul shares close over 1% higher on chip gains; won declines

Korean stocks finished over 1 percent higher Monday on gains in chipmakers, snapping a two-day losing streak, despite heightened uncertainty over hostilities in the Middle East that continued to keep oil prices elevated. The local currency lost ground against the greenback. After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 62.61 points, or 1.14 percent, to close at 5,549.85. Trading volume was heavy at 1.07 billion shares worth 21.6 trillion won ($14.4 billion), with losers far outpacing gainers 642 to 250. Foreign investors sold a net 848.1 billion won, while individuals and institutions bought a net 717.5 billion won and 89.7 billion won, respectively. "The KOSPI outperformed other Asian markets as semiconductor stocks advanced, driven by growing expectations ahead of the upcoming GTC event hosted by Nvidia and the earnings release from Micron Technology," said Lee Kyoung-min, an analyst at Daeshin Securities. Nvidia hosts its GTC conference at Silicon Valley this week, where it is expected to show off the latest advances in chips and artificial intelligence (AI)

Mar 16, 2026By Yonhap
Seoul shares close over 1% higher on chip gains; won declines
Economy

Korean manufacturing faced with increased cost burdens as Iran crisis persists: KIET

Korea's manufacturing sector is expected to face significantly increased cost burdens as the Middle Eastern crisis continues to push up global energy prices, a report showed Monday. When international crude prices rise 10 percent, the average production cost of manufacturers here goes up by 0.71 percent, the Korea Institute for Industrial Economics & Trade (KIET), a state-run think tank, said in a report assessing the impact of the Iran crisis on the Korean economy. In particular, the average production cost in the petrochemical industry will likely jump 6.3 percent, while that of chemical products are projected to increase 1.59 percent. Production costs of rubber and plastic products are expected to expand 0.46 percent. Dubai crude prices, the benchmark for Middle Eastern oil, surged by over 40 percent since U.S. and Israeli airstrikes against Iran late last month, the KIET said, noting that Korea, in particular, is vulnerable to such a situation as the country imports around 70 percent of crude oil from the Middle East. In case of exports, the Middle East accounts for only around 2-3 p

Mar 16, 2026By Yonhap
Korean manufacturing faced with increased cost burdens as Iran crisis persists: KIET
Others

Viral food trends push up ingredient prices

After Dubai chewy cookies, a chocolate dessert stuffed with pistachio cream and crunchy kadayif pastry, took Korea’s social feeds by storm in late 2025, Kim Min-sun, an office worker in Seoul, decided to try making the treat herself. “When I checked online for the ingredients, the prices were about 1.5 times what I remembered, and some were sold out with delivery taking up to two weeks,” Kim said. “So I gave up.” She later attempted another viral dish, “bomdong bibimbap” (rice with seasoned spring cabbage). But after she brought the cabbage home, her mother, a more seasoned grocery shopper, pointed out that the price was higher than usual. As viral food trends sweep across Korean social feeds and kitchens, the key ingredients behind those dishes have swung in price. Primary ingredients for Dubai chewy cookies and bomdong bibimbap — dishes that spread rapidly through short-form videos in recent months — have recorded sharp price increases, according to the Korea Price Information (KPI), a price monitoring agency. For Dubai chewy cookies, 500 grams of kadayif rose from 18,

Mar 16, 2026By Park Han-sol
Viral food trends push up ingredient prices
Economy

Retail fuel prices drop at slower-than-expected pace after price cap system introduction: ministry

Fuel prices at gas stations have been steadily dropping, but at a slower pace than expected, since the government introduced a temporary price cap system last week, the industry ministry said Monday, vowing continued efforts to ease energy supply woes due to the Middle East crisis. The average gasoline price at gas stations nationwide came to 1,840.1 won ($1.23) per liter as of Sunday, down 58.7 won from Thursday, a day before the price ceiling system took effect, according to data compiled by the Ministry of Trade, Industry and Resources. The average retail diesel price dropped 77.8 won to 1,841.2 won per liter over the same period. The price decrease came after the government on Friday implemented a price cap system on products oil refineries supply to gas stations. The system was introduced to help ease cost burdens related to soaring fuel prices in light of supply concerns due to the conflict in the Middle East. The initial price ceiling was set at 1,724 won per liter for regular gasoline, 1,713 won per liter for diesel and 1,320 won per liter for lamp oil. The threshold will be read

Mar 16, 2026By Yonhap
Retail fuel prices drop at slower-than-expected pace after price cap system introduction: ministry
Economy

Container shipping costs to US east coast rise for 4th month in Feb.

Container shipping costs from Korea to the U.S. west coast fell for a third consecutive month in February, while rates to the U.S. east coast rose for a fourth straight month, data showed Monday. The average shipping cost for a 40-foot container to the U.S. west coast declined 4.2 percent from a month earlier to 4.52 million won ($3,024), the Korea Customs Service said. In contrast, the average rate to the U.S. east coast edged up 0.7 percent on-month to 5.38 million won. Rates to the European Union fell 5.5 percent to 3.28 million won, marking a second consecutive monthly decline. Shipping rates to China fell 9.7 percent on-month, while rates to Japan climbed 16.8 percent to 862,000 won, extending their upward trend to a fourth straight month. The figures include freight rates, commissions and other related charges reported by local exporters, according to the agency.

Mar 16, 2026By Yonhap
Container shipping costs to US east coast rise for 4th month in Feb.
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